Match each of the activities described with the type of fund that would most app
ID: 2548522 • Letter: M
Question
Match each of the activities described with the type of fund that would most appropriately be used to account for it. The Town of Tompkins received a donation of $1,500,000 with the Investment trust fund stipulation that the corpus be held in perpetuity, but the investment earnings be used to fund academic scholarships to the children of Town police officers. B. Pension trust fund Private-purpose trust fund Cornwall County collects property taxes on behalf of all municipalities within D. Agency Fund its boundaries. The County remits the taxes by the 15th of the following month to ech municipality, less a .5% administration fee. None of the above - 3 The City of Dakota sponsors a defined benefit plan for its civilian employees. Employees are required to contribute 4% of gross payroll, and the City contributes an actuarially determined percentage, which is currently at 12% of gross payroll. Benefits at retirement are based on years of service and average earnings. Langford County offers the cities within its boundaries the opportunity to pool their excess monies to achieve greater returns and efficiencies. The County keeps an individual record for each participating entity, with earnings based on the overall earnings of the pool. Quarterly, the County issues financial statements for the collective external portion of the pool. |The State of west Virginia provides its retirees with subsidized health care To ensure that funds will be available for future benefits, the State makes actuarially determined irrevocable contributions to a managed investment fund, which can be used only to provide retiree health benefits. - 2A donor made a $400,000 contribution to the Village of Ashton Heights, with the stipulation that the funds be used to provide annual recognition and faculty of each school in the village. Manfred County received a $3,800,000 Federal grant to establish and aintain a program for homeless shelter and related services over the nextExplanation / Answer
i) The town of Tompkins Received a donation of $ 1500000 with the stipulation that the corpus be held in perpetuity, but the investment earnings be used to fund academic scholarships to to the children of Town Police Officers. A) Investment Trust Fund
ii) Cornwall County collects property taxes on behalf of all municipalities within its boundaries. The County remits the Taxes by the 15th of the following month to each municipality, less a 0.5% administration fee. D) Agency Fund
iii) The city of dakota sponsors a defined benefit plan for its civilian employees. Employees are required to contribute 4% of gross payroll.and the city contributes an actuarially determined percentage which is currently at 12% of Gross payroll. Benefits at retirement are based on years of service & average earnings. B) Pension Trust Fund
iv) Langford County offers the cities within its boundaries the opportunity to pool their excess monies to achieve greater returns & efficiencies. The county keeps an individual record for each participating entity, with earnings based on the overall earnings of the pool. Quarterly the county issues financial statements for the collective external portion of the pool. C) Private Purpose Trust Fund.
v) The state of west virginia provides its retirees with subsidized health care. To ensure that funds will be available for future benefits, the state makes actuarially determined irrevocable contributions to a managed investment fund, which can be used only to provide retiree health benefits. B) Pension Trust Fund
vi) A donor made a $ 400000 contribution to the village of Ashton heights, with the stipulation that funds be used to provide annual recognition and awards to village students that excel in the STEM areas as determined by the faculty of each school in the village. E) None of the Above
vii) Manfired county received a $ 3800000 Federal grant to establish and maitain a program for homeless shelter & related servies over the next three years. E) None of the Above
viii) The City of Kantor receives grant funds from the state of Ohio that it disburses to local non profit organization, based on state directive. The city does not provide any monitoring to the sub receipients. D) Agency Fund